JAMB Economics 1994 past questions

The basic economic problems of the society include

Opportunity cost is an economic cost is an economic concept which describes the

If the marginal propensity to consume is 0.80 and the investment expenditure changes from N100 million to N140 million in a given economy, find the level of equilibrium in te given economy, using the formula 1___ K = 1-MPC ( K = Multiplier; MPC = Marginal Propensity to Consume)

The circular flow of income defines the

The necessity of choice is due to the fact that

The graph above represents a production function. At which of the points does diminishing returns set in? K Output J L I Variable Factor

In a mixed economy, decisions to produce are taken by

Every economy requires an accurate census because it assists in

The population fo country X in 1990 was 35 million. The births were 450,000 while it recorded 210,00 deaths. If in the same year, its immigrants were 20,000 and 10,000 of its citizens left the country, calculate the total population of the country at the end of 1990.

If the actual population in a country is less than the optimum population, then

Unemployment can be reduced by

W Y Capital goods Z N X O M N Consumer goods Production possibility curve of country X If the economy of the country is operating X, the implication is that

When the Total Product (TP) is at maximum point, the Marginal Product (MP) and the Average Product (AP) respectively are

In the long run, all production factors are

The basic relationship between the cost of production and the market [PAGE 41]

What is the equilibrium quantity?

Above the equilibrium point, a further rise in pricetends to

Price (#) Quantity Sold From the table above, marginal revenue is

Elasticity of demand is an effective tool in the hands of a producer in that it enables him

Cross elasticity of demand can be mathematically expressed as the

The basic idea behind brand differentiation under an imperfect market arrangement is to

In the long run, a firm in a perfectly competitive market will make

Output restriction, fixing of prices, creating obstacles, to free entry into the market are features of

In the event of liquidation of a private limited liability company, t he shareholder's liability is limited to their total.

The major factor that causes fluctuations in the supply of agricultural produce is

The system of agricultural practice which involves hunting, gathering and growing of food crops for family consumption only is described as

What is the term used to describe a policy aimed at promoting the local production of goods which are usually imported?

Labour-intensive strategy fo industrialization emphasizes the use of

Petroleum is the mainstay of the Nigerian economy because it is the

An indigenous company wholly owned by the federal government of Niger which currently engages in prospecting for oil is

An increase both the legal reserve ratio and discount rate has the effect of

Inflation in the Nigeria economy bay be fueled by increase in

Gresham's law in economic shows that

Monetary policy aimed at reducing demand-pull inflation in the country may be carried out through

Progressive tax structure is designed to

Taxes and government expenditures are instruments of

The national income of a country indicates that the gross national income was N17 700 million and gross domestic product was N16 800 million. The difference of N900 million represents

If national income rises by 6% and population rises by 3%, per capital income will

One of the ways by which the government can speed up economic development is through the

Devaluation is effective when

One of the techniques for rectifying a deficit balance of payment is

O utput/unem ploym ent Output O Time What type fo unemployment is revealed by the dotted lines on the graph above?

The main objective of the Economic Community of West African State is to

In international trade, shipping and other freight charges are treated as

Tariffs on imports are meant to

The international Bank for Reconstruction and Development is important to developing countries because it

The borrowing rights of a member country of the international Monetary Fund are determined by